By alley - Dec 4, 2014, 11:23 AM ET

Report tips ex-Diageo chief to be named F1 chairman

Britain's Financial Times reports that Paul Walsh, former CEO of consumer goods conglomerate Diageo, is being lined up to become chairman of the Formula 1 board, which the newspaper says "could signal the beginning of the end of Bernie Ecclestone's control of the sport."

A board meeting is being scheduled for early next week to discuss Walsh replacing Nestlé chairman Peter Brabeck, who is undergoing medical treatment for an undisclosed illness, as F1 board chairman for two years, the FT reports.

Although Ecclestone's position as F1's chief executive would not necessarily change, the FT report says that CVC Capital Partners, the private equity group which owns 35.5 percent of F1, "is thought to want Mr. Walsh to take on some executive duties in addition to chairing the board."

The 84-year-old Ecclestone's grip on F1 was shaken earlier this year when he stood trial in Germany on bribery charges.

The charges were dropped when Ecclestone agreed to settle the case for $100m

, but it is believed that advisors to CVC regard Ecclestone as an obstacle to the equity group's long-delayed plans to float F1 on the stock market.